Podcasts about acid capitalist

Send us a textA beachside macro sermon on whale liquidations, a 5700 S&P play, and why Treasuries are the keystone to everything. Solana trades, SOFR action, and The Acid Capitalist's call to be volatile, be violent, be legendary. Stay acid.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Send us a textGood Fortune Makes the Man, and The Man Retains the Fortune and Multiplies It...Welcome back to another transmission from paradise, broadcasting from the heavenly shores of St. Barts. The Acid Capitalist, beamed straight into your ears, sun-kissed and untamed. This week, I open the vault—pulling an old gem from my private paywall, unchaining it from Patreon and Substack for the first time. And trust me, this one is electric.The year is 2000. The stage is Wall Street. And our protagonist? Derek Wallis, The Kiwi Proton Bomb. Fresh off the boat, wide-eyed, an eager foot soldier on the trade floor. But what happens when the greenhorn is tasked with telling Stan Druckenmiller, the man, the legend, that he's just vaporized a billion dollars? Trial by fire? No—trial by inferno.And then there's George Soros—the erratic, the enigmatic, the Palindromic Genius. The man who stalks markets like a predator, who sees the bubbles before they even take shape, who vanishes for months only to reappear, calling the desk four times an hour. The hurricane around which entire fortunes rise and fall. And Derek? Derek's there. Watching. Learning. Surviving.Fast forward. 2005. The Acid Capitalist himself walks into Soros Fund Management—the room temperature drops, chairs scrape, portfolios tremble. Derek was there, they all were. And the chairman, in a moment of delirious clarity, utters the words: 'We've found the next George Soros.' Who was he talking about? Ah, that's where things get interesting…But it gets wilder—trading desks, chaos, the kind of madness that makes a market. You want the full story? You want to know about the topless woman who brought down the Bloomberg terminals? You want to hear the truth about how the world's greatest speculator saw bubbles, rode them, burst them? Then you'll want to listen to this one.Stay sharp,Hugh Hendry, The Acid CapitalistP.S. If you're asking 'What's the score?' every hour of the trading day, you're already lost. The markets whisper in static. But ask once a year, and if you're good—exceptionally good—the mirror, mirror on the wall might just reveal your genius.https://www.occupyajobonwallstreet.com/ ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Send us a textIn this episode of The Acid Capitalist, Hugh Hendry dives into the volatile world of FinTech, analyzing Wise and its market positioning compared to giants like PayPal. He shares insights from an encounter with a young, die-hard value investor, dissecting the risks of stock-picking in a sector riddled with landmines.Are FinTech disruptors truly innovative, or are they just banks in disguise riding the interest rate wave? Hugh breaks down the hidden risks of cash transfer companies, the role of interest income, and why pricing wars could push margins to zero. With PayPal's stock crumbling and Wise at an all-time high, is this the next big breakout or a ticking time bomb?Join Hugh as he takes a contrarian look at the forces shaping FinTechs, from the battle for profitability to the long-term sustainability. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Send us a textWelcome to another episode of the Acid Capitalist, coming to you from the sun-drenched shores of St. Barts in the French Caribbean. This week, we're diving headfirst into market mayhem, absurd tales, and the kind of insights you can only find here.Palm trees. Santa Claus. Sleigh bells. An unlikely combination, yet somehow it works. St. Barts this time of year is pure energy: the priciest destination on the planet, unpredictable weather, and panicked yacht-dwellers caught in sudden downpours. It's all a fitting metaphor for the markets, seemingly perfect, yet always poised for chaos.Tesla's doubled since the election. Bitcoin keeps grabbing headlines, and stocks were closing the year with a stunning 27% gain. It's a world where expectations are sky-high, but danger lurks. I dive into the question: are we at the peak, or is there more room to run? And could Bitcoin really hit a million bucks? If you've been here since 2013, you know I've been calling this move for years.An LA Tale: Karate Kicks and MarketsSometimes, the markets behave like an LA socialite: confident, demanding, and completely unpredictable. I share a personal story from a glamorous night in West Hollywood. Picture this: a spoiled child, an audacious woman in a mini skirt, and a thigh-high karate kick that stopped just short of my chest. The parallels to the markets are uncanny: strutting in confidence one moment, delivering a shocking blow the next.The Seduction of NowThe biggest trap in investing? Being consumed by the present. I explore the seductive mistress that is “now” and why it blinds us to the future. Looking back at my own missteps during 2008, I reflect on the importance of stepping back and imagining where markets might be 18 months down the line. Because the present? It's rarely the full story.A Tipping PointChina is wrestling with deflation and the consequences of years of aggressive policies. Their stock index is stuck at levels from two decades ago, and the yuan teeters on the brink of devaluation. Could this be the tipping point for a global economic reset? I explore what a weaker yuan might mean for global consumption, tariffs, and U.S. consumers. Spoiler: it's not a rosy picture.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Host: Tracy Shuchart Guests: Hugh Hendry and Brent Johnson Hugh Hendry Hugh Hendry is a writer, risk-taker, and thought leader on global capital markets. In 2002 he founded Eclectica Asset Management, a hedge fund that delivered uncorrelated returns to clients for over a decade. His prescience in anticipating the Great Financial Crisis of 2008 earned him a reputation as a prophetic iconoclast. Despite stepping back from active fund management, Hendry remains an influential voice in finance, leveraging his deep understanding of market dynamics and his contrarian mindset to provide a unique perspective on economic developments as the Acid Capitalist. Hendry now resides in St. Barts, where he is a leading investor in luxury real estate. Link: https://www.patreon.com/HughHendryBrent JohnsonBrent Johnson brings over twenty years of experience in the financial markets to his position as CEO of Santiago Capital where he manages $175mm for High Net Worth families via separately managed accounts and private funds. Brent enjoyed more than nine years as a Managing Director at BakerAvenue Asset Management, a $2 Billion Asset Manager and Wealth Management firm, with offices in San Francisco, Dallas and New York. He was the lead advisor for several of the firms largest clients. Before joining BakerAvenue, Brent spent nine years at Credit Suisse in their private client group. He got his start as part of the training program at DLJ in New York prior to moving to San Francisco. He joined Credit Suisse in the fall of 2000 when the bank purchased DLJ.Link: https://santiagocapital.com/Disclaimer: This material is presented solely for informational and entertainment purposes and is not to be construed as a recommendation, solicitation, or an offer to buy or sell / long or short any securities, commodities, or any related financial instruments. Please contact a licensed professional before making any investment or trading decisions

Step into the dim glow of our dive bar of financial musings in the humid, Caribbean night air, where the ACID Capitalist, Hugh Hendry, the sardonic Brent Johnson (@SantiagoAuFund), and the ever-perceptive Tracy Shuchart (@chigrl) huddle over a table of half-empty glasses and half-baked theories. This is a raw, unfiltered exploration into the underbelly of macroeconomics. We wander through the shadowy corridors of USD fluctuations, peer into the abyss of interest rate procrastinations, and mull over the geopolitical chess moves of giants like the US, Japan, and China. The conversation flows like a blues riff, touching on the gritty realities of commodities and financial trends. Expect contrarian views and insights that cut through the noise, all served with a side of existential reflection. This is more than a podcast; it's a night at the bar with the sharpest minds in finance, pondering the chaos and beauty of the global market. Grab a drink, pull up a chair, and join us for a conversation that's as unpredictable as it is enlightening.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.com⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

This week Nick talks to long time friend of the show, Hugh Hendry the Acid Capitalist.Hugh Hendry is a prominent investor and hedge fund manager, best known for founding Eclectica Asset Management. Hendry gained considerable attention for his contrarian investment style and outspoken personality. He began his career at Baillie Gifford before moving to Credit Suisse, where he honed his skills in asset management. Hendry's reputation for making bold, unconventional bets was solidified during the 2008 financial crisis when his fund profited significantly from positions that anticipated the market downturn. His ability to foresee economic shifts and his willingness to take high-stakes risks have marked him as a distinctive figure in the world of finance.Despite stepping back from active fund management, Hendry remains an influential voice in finance, leveraging his deep understanding of market dynamics and his contrarian mindset to provide a unique perspective on economic developments as the Acid Capitalist. Hugh guides Nick through a macroeconomic maze, exploring the markets, gold, the Kobayashi Maru test, Dollar/Yen, Euro/Dollar, the Federal Reserve, Japan's devaluation and yelling at Yelland plus where Hugh invests his money. Fancy a ACID CAPITALIST SUMMER CAMP MACRO RETREAT with Hugh? Click here for details. This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Some folks possess the philosophers stone. Me? I just have this fabulous oversized sofa at Maison Blanc Bleu, and as this glorious weekend unfolds, I'm rolling out my life creed. Journeys morph and twist. I embarked on an epic voyage from a haunting housing project to a chouette Caribbean island. Sacrifices were made, asses were kissed, and I, a prodigious child of circumstance, sucked the ring from every hand. But that chapter has concluded. I've arrived. And now, it's time to kick back and embrace The Fool's Journey—the card without a number, the path that few dare tread. I'm ready to embrace it, to open my arms wide to the chaos of existence. For years, I was a closed, focused vessel, unable to receive the love that so many offered. But now, the pipes are unclogged, the channels are clear, and I'm finally ready to let it all in. So forgive me if it seems like a train wreck from the outside, but let me declare it loud and clear: I'm having the time of my damn life. How many of us can honestly say that? But baby, just don't be sick on my sofa…⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.com⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Strap in for a wild ride through the cannabis revolution with Peter Barsoom, the mastermind behind 1906, where ancient botanicals meet modern science in a dazzling maze of Dadaist innovation. In this episode, Peter takes us behind the scenes of crafting cannabis products that aren't just about getting high—they're about elevating your well-being. From the gritty details of pioneering the industry's first fast-acting edibles to redefining everyday wellness, Peter shares how his Wall Street savvy catapulted 1906 into the spotlight of the green rush. Tune in as The ACID Capitalist lights up on some yellow GENIUS pills and gains perspective on the burgeoning world of bespoke cannabis with insights only a veteran like Peter could offer. It's not just a podcast; it's a gateway to the new age of enlightened Investment Dadaism. And there's more…The ACID Capitalist and 1906 are collaborating and offering a $5 discount off any tin purchased with the code ACIDCAPITALIST. We're not just rejecting traditional investment conventions, we're gone challenge the established norms of risk markets.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.com⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Hugh Hendry says the world is brimming with risks right now, from Chinese deflation, to the strength of the US dollar, to unrealized losses in US Treasuries held by the bank. In the new episode of the podcast, we speak with the former manager of the Eclectica hedge fund, who now writes and operates under the Acid Capitalist branding. Hendry, who now resides in St. Bart's, says that the most important story in the world, and for as long as he's been in markets, has been the rise of China, which he sees as inflating asset values all around the world. Specifically, he sees a broken model, in which the country's GDP grows rapidly, but domestic investments and household income don't keep up. He warns of a risk of a yuan devaluation, as the country seeks to maintain its export drive which, he warns would create "Mad Max" deflation. He also talks about the "terrifying" drop in the Japanese yen, and the unusual situation by which the US is one of the world's growth leaders. See omnystudio.com/listener for privacy information.

The Acid Capitalist Hugh Hendry joins Julia La Roche again, this time in the East Village, for an in-person, unfiltered conversation on macro and more.  Links:  Twitter/X: https://twitter.com/hendry_hugh Podcast: https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcast/id1511187978 YouTube: https://www.youtube.com/@HughHendryOfficial Timestamps:  0:00 Intro and welcome 1:36 Macro view and the Fed's no-win situation  2:45 Revisiting financial history  4:20 The U.S. has become the economic locomotive of global growth 5:00 Policy error of fiscal conservatism  6:30 Everything is expensive 7:52 Invest 10% of net worth  9:00 Hugh's hedge fund years  12:24 ‘To manage a lot of money you have to be serious.' — the suits 19:07 Looking at charts and patterns while listening to Pink Floyd 24:30 China 36:19 The bubble today - the fragility of valuations  38:00 How you want to be allocated  44:16 The conceit and the arrogance of a well-formed argument   47:00 Hugh's mistake buying Reader's Digest in the 90s 48:48 Hugh's go-to interview question: Tell me when you know it's going wrong 50:44 Gold's breakout — not an agent of chaos, the alchemy of chaos 52:24 Japanese Yen  53:49 Bitcoin  57:09 Silver  1:01:50 The Fed's no-win situation  1:06:49 The Fed shouldn't be cutting interest rates 1:08:47 Present danger 1:11:00 The death of money? 1:15:00 Millennials and Bitcoin 1:18:43 The Bono story

Welcome to a journey into the gold markets on today's podcast, where I, alongside a valued member from the John Galt community, dive deep into the glittering realms of gold trading. For the next 50 minutes, we're going to tackle some burning questions, slicing through the noise with sharp insights and fearless forecasts. Whether you're a battle-hardened trader or a curious onlooker ready to dip your toes into the gold rush, strap in. We're set to explore everything from market dynamics to cunning trading strategies, ensuring you walk away with a treasure trove of knowledge. Let the gold games begin! And dear John Galts, line-up, let's do more…⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.com⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Step off Wall Street's grimy sidewalks and plunge into the wilderness with the ACID Capitalist as your guide on another mind-bending journey. We've connected with Tom Morgan, a standout from this year's Ira Cohen conference and a fellow traveler lost in the financial wilds. Tom tells me that it's fantastic being telepathic, that he's read my mind, that things are really drastic…With Tom as our wandering star, we explore the possibilities of finance's future, navigating the abstract without seeking anything specific. We're the shamans of finance, venturing into risk, creativity, and the art of foresight, our vision blurred by last night's tequila.We share stories of profound revelations and the rare, gonzo path less traveled, challenging the monotony of corporate life. This journey is not just another finance podcast; it's an exploration of curiosity's core.We delve into the brain's right hemisphere, we're out there on the perpendicular, not searching for anything in particular, maybe seeking life's meaning, syncing with Jung's synchronicity, and pondering the ego's demise. Is our spiritual quest merely a competitive climb, an infinite loop ?Here's the paradox: As AI challenges the left hemisphere's relevance, might the shamans, the daring outsiders, become finance's new deities ?Dare to listen and let your mind wander the fringes of finance's future.Also, be sure to watch Tom's 5 minutes of wisdom: https://x.com/tomowenmorgan/status/1775957154521821593⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.com⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Dive into the vaults with the ACID Capitalist, as I resurrect a mentoring session from July '23, "The Path to Serfdom". The young Padawan and I dissect the how and why of the financial depression gripping the majority, questioning the orthodoxies that pin us down in a world seemingly designed by and for the elite. This isn't a chat; it's a rebel yell, seeking to redefine what we accept as economic 'normalcy'. Gear up for a discursive journey through the financial wilderness, where no question is too sacred, no theory too outlandish. We don't like slavery, we won't beg but with a rebel yell, we'll take more, more, more.⬇️ Subscribe on Patreon for full episodes ⬇️https://www.patreon.com/HughHendry⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Welcome back, my enlightened audience, to another episode of Acid Therapy, where yours truly, The Acid Capitalist, delves once more into the mental maelstrom with Denise Shull's guidance.This episode serves as a serenade to the chaos of existence, exploring a myriad of topics from the rollercoaster of my personal life to the philosophical musings that keep the midnight oil burning. Denise skillfully prods and pokes at the fabric of my psyche, unraveling threads of my past, my dance with financial peril, and my unwavering quest to find meaning in the madness. From the stress of nearing completion on a villa project to childhood recollections shaping my adult anxieties, each moment leads us closer to unraveling the enigma of The Acid Capitalist.So, brace for impact; this one cuts deep.⬇️ Subscribe on Patreon for full episodes ⬇️https://www.patreon.com/HughHendry⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

In this week's episode Nick talks to friend of the show Hugh Hendry.Nick and Hugh talk through Hugh's thoughts on the outlook for 2024 and go on a macro Acid Capitalist trip along the way. They discuss when will the Fed cut interest rates, the 1970s and Hugh's white paper on the parallels between the monetary landscape and the Chernobyl nuclear disaster, suggesting that attempts by central banks to control economic temperature may lead to unintended consequences. They also cover Hugh's view of Japan, Greyscale, Bitcoin and the price of Gold. Hugh also discusses arguing with his 'AI version of himself'. Nick's book suggestion is The Creative Act by Rick RubinThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

In this week's episode Nick Searle the from ADP podcast interviews Hugh Hendry.Nick and Hugh talk through Hugh's thoughts on the outlook for 2024 and go on a macro Acid Capitalist trip along the way.They discuss when will the Fed cut interest rates, the 1970s and Hugh's white paper on the parallels between the monetary landscape and the Chernobyl nuclear disaster, suggesting that attempts by central banks to control economic temperature may lead to unintended consequences. They also cover Hugh's view of Japan, Greyscale, Bitcoin and the price of Gold. Hugh also discusses arguing with his 'AI version of himself'.Nick's book suggestion is The Creative Act by Rick Rubin

Here is a sneak peak from my 38 minute full video that I dorpped on my Patreon last week.To get exclusive access to all of my content as soon as it´s released, sign up today and I´ll see you in there.⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️https://www.patreon.com/HughHendry⭐⭐⭐⭐⭐ Leave a five star review and comment here:  podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978

Brent, George, Hugh and Jeff sit down to discuss FX and the Japanese Yen and Chinese Yuan devaluation, monetary policy, Fed actions and the yield curve.Watch the entire conversation at https://www.patreon.com/HughHendry ⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️ 

Brent, George, Hugh and Jeff sit down to discuss FX and the Japanese Yen and Chinese Yuan devaluation, monetary policy, Fed actions and the yield curve.Watch the entire conversation at https://www.patreon.com/HughHendry ⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️ 

Interview recorded - 1st of August, 2023On this episode of the WTFinance podcast I had the pleasure of speaking with Hugh Hendry - Former Hedge Fund manager of Eclectica Asset Management, also known as the Acid Capitalist. During our conversation we spoke about why Hugh is fearful, similarities between today and 2008, understanding the actions of central banks and an explanation of Hugh's portfolio. I hope you enjoy. 0:00 - Introduction1:45 - What is Hugh seeing and is he fearful?4:55 - Are there similarities between today and 2008?10:09 - Fiscal stimulus has picked up private demand slack?12:14 - We are in the waiting room17:50 - Understand what your position means19:20 - Are central banks acting faster as seen with UK Pension Crisis and SVB collapse?26:39 - Inflation wouldn't have changed with faster interest rate increases31:38 - Hugh's portfolio42:55 - One message to takeaway from our conversation?Hugh Hendry is an award winning hedge fund manager, market commentator, thought leader, ST Barts Real Estate Investor & Surfer.Hugh Hendry was the founding partner and chief investment officer of the now defunct hedge fund firm, Eclectica Asset Management. The fund was created in 2003 and returned 50 per cent from the revival in the gold price. Hugh later attracted media attention when his fund achieved a 31.2 per cent positive return in 2008 during the depths of the financial crisis, earning him a reputation as a contrarian investors. He has been referred to as "the most high-profile Scot" in the hedge fund sector. Hugh Hendry - Twitter - https://twitter.com/hendry_hughYouTube -  @HughHendryOfficial  Website - https://hughhendry.com/Instagram - https://www.instagram.com/hughhendryofficial/Patreon - WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Acid Capitalist meets Real Vision Mashup with Andreas StenoListen to the entire conversation at https://www.patreon.com/HughHendry ⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️ 

A founder and CIO of Eclectica Asset Management, a Global Macro Hedge Fund that ran from 2002 to 2017. High water mark events were the early and successful identification of the gold bull market in 2003 and the housing debacle in 2008 both of which delivered annual returns of between 30% and 50%. St. Barts luxury hotelier and Acid Capitalist. Confessions of a Market Maker presents Hugh Hendry---------------------------------------------------------------------------------------------Hugh Hendry on Twitter: https://twitter.com/hendry_hugh JJ on Twitter: https://twitter.com/vwaptrader1 Ray on Twitter: https://twitter.com/AllxDayxRayx---------------------------------------------------------------------------------------------Any listener of this podcast that has the skills to pass an evaluation can become a prop trader fully funded by either APEX Trader or Topstep Funding. Our own microefutures trading community has many members who are now fully funded; no need to trade with your own money; keep 90% of your profits. To learn more, visit our website at https://microefutures.com/

The Acid Capitalist Hugh Hendry (@Hendry_Hugh) joins Julia La Roche again for an unfiltered conversation on macro, markets, Bitcoin, the Fed, and more.  Hendry founded Eclectica Asset Management, a global macro hedge fund that was pretty much uncorrelated to everything in the financial universe. Hugh started Eclectica in 2002 and ran for 15 years before closing in 2017. He made more than 30% in 2008 betting against banks. These days, Hendry is a luxury hotelier on St. Barts, where he spends his time surfing and still thinking about macro. He also hosts a weekly podcast called "Acid Capitalist" and shares his views on Instagram, Twitter, and Substack. 0:00 Intro 1:18 Macro picture, ‘my imagination is as dark as it was in 2007' 5:00 “I'm fearful”, already in recession as we speak  8:18 Want to own equities right now  12:30 Bitcoin  15:00 Sitting with cash, waiting to buy  17:58 Been in a depression since 2008  22:30 Banking sector  27:30 Eurodollar system  32:00 Entrepreneurial dream has been replaced  34:50 Inflation Reduction Act is actually smart  38:00 A recession of a similar magnitude to 2008-2009  42:47 The five who know  45:30 Music and charts  47:30 Twitter 49:23 Parting thoughts 

Recorded June 23, 2023 - Recorded June 23, 2023 - In this conversation, Pierre Daillie talks with Hugh Hendry, Founder, Eclectica Macro, a.k.a The Acid Capitalist, about the current financial landscape. They discuss topics such as the debt ceiling deal, the fear of supply, the rise of tech stocks, the appeal of long duration treasuries, and the deficiency of demand caused by China's oversupply. They also touch on the impact of Xi Jinping's policies and the posturing between China and the US. Overall, the conversation highlights the potential risks and opportunities in the global financial system. In this conversation, Hugh Hendry discusses the wealth destruction caused by the flat stock market and the growing debt problem with China. He highlights the symbiotic relationship between the Communist Party of China and Wall Street, as well as the conflict of interest in US capital markets. Hendry emphasizes the importance of trend in trading and shares his investment strategy, including the allocation of assets such as stocks, treasuries, and Bitcoin. He also discusses the potential opportunities in long bonds and the glitch at Boeing, and a trade in Apple.TAKEAWAYSThe fear of a synchronized global recession and the potential impact on the financial markets.The appeal of long duration treasuries as a safe haven asset in a potentially weakening economy.The concentration of market gains in a few mega cap tech stocks and the potential risks of a market correction.The impact of China's oversupply on global markets and the deficiency of demand caused by their trade surplus. The stock market is flat, causing wealth destruction.There is a symbiotic relationship between the Communist Party of China and Wall Street.US capital markets have a conflict of interest that prevents them from addressing the real market problems.Trend is crucial in trading and asset allocation.KEY TIMESTAMPS[00:00] Introduction and Setting the Stage[02:31] Debt Ceiling Deal and Liquidity Concerns[03:44] The Fear of Supply and Risk Aversion[05:29] The Rise of Tech Stocks and Riskless Securities[07:02] The Appeal of Long Duration Treasuries[07:36] Inflation and Real Rates[09:36] Mean Reversion and Treasuries[11:44] The Market's Dependence on Mega Cap Tech Stocks[13:29] The Hated Rally and Missed Opportunities[14:38] The Belief System and Valuation of Stocks[16:09] The Coiled Spring and Potential Correction[19:45] Debt Ceiling and the Chinese Economy[20:34] Mutually Assured Destruction and Debt Ceiling[24:35] The Deficiency of Demand and Chinese Oversupply[29:18] The Impact of Xi Jinping's Policies[37:57] China's Wealth and Posturing[39:21] The Wealth Destruction[40:35] The Real Problem with China[41:39] The Symbiotic Relationship between China and Wall Street[42:43] The Monetary Policy of the US[43:50] The Conflict of Interest in Capital Markets[44:45] The Search for Equilibrium[46:33] Investment Strategy: Quadratic Expression[47:52] The Role of Cash in Asset Allocation[49:52] The Potential of Bitcoin[51:39] The Relative Sizes of Gold and Bitcoin[55:26] The Correlation between Bitcoin and NASDAQ[57:19] The Importance of Trend in Trading[58:47] The Decline of Hedge Funds[59:23] The Glaring Opportunity in Long Bonds[01:02:24] A Parallel with 2003[01:03:39] The Conflict of Agendas[01:06:22] The Glitch at Boeing[01:11:27] The Most Glaring Opportunity[01:13:49] Where to Find Hugh HendryHIGHLIGHTSThe Magnificent Seven Stocks:Hendry notes that in every major bear market, certain stocks, referred to as the "Magnificent Seven," are perceived as being independent of broader market trends. These include companies like Nvidia and AMD, considered less economically sensitive within equity allocations.He draws parallels between the valuation of these stocks and Bitcoin, suggesting that their market value is more influenced by belief systems than traditional financial metrics, similar to how art is valued.Hendry discusses the valuation of the U.S. stock market, highlighting its size relative to the GDP and expressing skepticism about overly optimistic market projections.He mentions a cautious investment approach, allocating about 15% of his portfolio to these specific stocks, emphasizing the importance of following market trends in his investment decisions.On US Treasury Bonds:Hendry addresses concerns about the U.S. Treasury issuing a large amount of bonds and its impact on prices.He draws parallels with the 2008 financial crisis, noting the importance of confidence in collateral, which often includes U.S. Treasury bonds.Hendry observes a mean reversion in Treasury prices, suggesting that current trading levels are relatively rare and could present buying opportunities.On China:Hendry discusses the probability of a confrontation between China and Taiwan, expressing concerns about the increasing likelihood of such an event.He critiques China's economic growth, labeling it as 'fake growth' and pointing out that despite the appearance of progress, real wealth creation has been lacking.Hendry also touches on China's role in global trade and economic imbalances, particularly how it redistributes wealth within its economy and buys financial assets in the United States.We discuss the symbiotic relationship between the Communist Party of China and Wall Street, suggesting both have prospered in the current environment. As a result, there is no desire on Wall Street for the was the US manages its Capital Account.On Bitcoin:He talks about the changing correlation between Bitcoin and NASDAQ, suggesting that such correlations can be misleading.Hendry expresses interest in investing in Bitcoin, particularly as its value had significantly decreased.He discusses Bitcoin's potential for growth, considering its market size relative to the larger segment it belongs to.Hendry likens Bitcoin's valuation to a belief system, similar to how art is valued.Copyright © AdvisorAnalyst.com

Hugh Hendry joins the Gold Exchange to talk about the underlying reasons for the coming banking crisis, the failure of the Yuan and the BRICS countries, and how the Fed is crucifying the common man.

Hugh, on this birthday, made a very timely surprise, in person, appearance yesterday to talk with Nick about the financial woes of the last week.  The discussion includes the Federal Reserve's expected response to the liquidity crisis, the imminent downfall of venture capitalists, private equity and commercial real estate, inflation, interest rates and what Hugh's been trading and what he's looking to buy.  There is also mention of a Jimi Hendrix playing rock goddess and time spent with Brad Pitt's healer in LA.  HAPPY BIRTHDAY HUGH!For the show notes visit our web page This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Mark B. Spiegel @StanphylCap joins the Acid Capitalist for the conversation you've all been waiting for...DO NOT TRY THIS AT HOME! ⭐⭐⭐⭐⭐ Leave a five star review and comment here:  podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978THIS IS NOT INVESTMENT ADVICE!!00:00:00 - Intro00:02:41 - Ambivalence 00:07:00 - the edge? 00:10:30 - Tesla tales 00:13:22 - Fundamentally flawed? 00:25:10 - Narrative v Reality 00:30:33 - The Bull Case00:33:54 - The trend is your friend00:39:53 - Chart Madness 00:46:51 - Long value 00:57:62 - Seeing tomorrow 01:00:00 - Gold, gold you're making me old01:09:00 - About Mark @StanphylCap 01:10:00 - Lessons   01:14:00 - DO NOT TRY THIS AT HOME 01:22:32 - Risk v Reward 01:26:00 - Portfolio ideas01:29:12 - Cut your head off! 01:32:00 - Be humble and flexible  THIS IS NOT INVESTMENT ADVICE!!

The Sherman Show flips the script as DoubleLine Deputy CIO Jeffrey Sherman visits The Acid Capitalist podcast, where Hugh Hendry promotes iconoclastic thinking and interviews figures from the world of investment. The episode begins with Mr. Sherman discussing his career ... Read More

Matthew C. Klein (@M_C_Klein) Founder of THE OVERSHOOT co-author of TRADE WARS ARE CLASS WARS joins the Acid Capitalist for a tour de force discussion you won't hear anywhere else. ⭐⭐⭐⭐⭐ Please leave a five star rating and comment here:  podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978

Today's guest is Hugh Hendry, formerly the CIO of Eclectica Asset Management and now a luxury hotelier and host of The Acid Capitalist podcast. In today's episode, Hugh shares his thoughts on all the macro factors in the world today. He touches on inflation, energy markets, the dollar, the situation in China, and more. Be sure you stick around to hear why a dream about the Wizard of Oz led him to buy gold from the Bank of England.    ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

Sir Tom Roderick (@ToStRo) and the Acid Capitalist go head to head for the showdown of the season. 

Can you make money while saving the planet? ∞ Can any asset have an infinite price target?  ∞The Alchemist and the Acid Capitalist team up with Lawson Steele to get the lowdown on everything carbon… NOTE: The audio is great. Please note that in the comments! Most improved audio! We are trying!⭐⭐⭐⭐⭐ Please leave a five star rating and comment here:  podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978

Cem Karsan's breadth and depth of knowledge has the Acid Capitalist reaching for the Ashwagandha! NOTE: Apologies for the audio quality. We are trying!  ⭐⭐⭐⭐⭐ Please leave a five star rating and comment here:  podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978

Batman & Robin take a back seat to another rock star by the name of the Acid Capitalist. In this week's podcast, the crew is joined by Hugh Hendry who's channeling his sixth sense. What has Hugh seeing dead people? In his words, the missiles of financial destruction have been launched, and we don't mean Freddy's ICBM. Krista finally reveals what she's been doing on the weekends, and her penchant for shrooms in the dessert takes Freddy by complete surprise. Hugh then provides his thoughts on China, which triggers Carson and Freddy's memory of an old scheme run by officials of the Ministry of Railways. As Hugh recounts his time as a macro manager, he lays out his belief for why the strategy has been so underwhelming over the past 15 years. And of course, no war story is complete without a full recount of Hugh sitting on a geyser in those final moments of the Global Financial Crisis.

This week the legendary Acid Capitalist Hugh Hendry joins Nick for a truly different perspective. Previously at Baillie Gifford and Odey Asset Management Hugh's Eclectica macro hedge fund was famously up 50% in 2003 and up 50% in the month of October in 2008. Monikered as a contrarian investor Hugh certainly has some very different views as Nick runs through a tally of macro thoughts and themes. Hugh's book choice was The Gap in the Curtain by John Buchan. Follow and listen to Hugh's Podcast here - The Acid CapitalistThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Welcome to a special episode of the Acid Capitalist --  ghost in the machine. This week we have an interview with an institutional trader on Wall Street who focuses on exotic derivatives and volatility. After the interview was over the guest's firm threatened legal action and tried to stop this episode from airing. The guest and firm will remain anonymous. Listen and judge for yourself why they tried to stop us. I suggest the guest and firm panic. The tribe of Acid Capitalism will not be stoped. Enjoy.

Hugh Hendry was the founder and Chief Investment Officer of the macro hedge fund Eclectica Asset Management. After strong returns before and during the Great Financial Crisis, he became a popular figure in the financial media. He retired in 2017 to run a luxury hotel in St Barts, but has lately been increasingly active in financial media, tweeting as @hendry_hugh (60k followers) and podcasting (The Acid Capitalist).

Contrarian macro investor and thinker Hugh Hendry (@Hendry_Hugh) joins Julia La Roche for a two-hour, unfiltered conversation that covers everything, from his early years in the hedge fund world to why he's currently fearful of the economy. In this episode, Hugh discusses his time “healing” from the hedge fund world while living on St. Barts for the past five years. He revisits his earliest years, how he got into markets, and his investment process while running his hedge fund. Hugh also explains why he's fearful of the economy and unpacks his views on why he thinks we're currently in the fourth depression in the last 200 years that he argues will end in “a revolution in money.” Hugh is also critical of the Federal Reserve and believes they're making a mistake with rate hikes while debt is “at warning levels.” The conversation also covers inflation, class warfare, the problems with ESG, current opportunities in the market, why he thinks gold is a “stupid” investment, and his thoughts on Bitcoin. Hendry founded Eclectica Asset Management, a global macro hedge fund that was pretty much uncorrelated to everything in the financial universe. Hugh started Eclectica in 2002 and ran for 15 years before closing in 2017. He made more than 30% in 2008 betting against banks. These days, Hendry is a luxury hotelier on St. Barts, where he spends his time surfing and still thinking about macro. He also hosts a weekly podcast called “Acid Capitalist” and shares his views on Instagram, Twitter, and Substack.

The Acid Capitalist and the Alchemist reunited and ready for a magic mystery tour of Asia with special guest Russell Clark. ***Russell Clark on Substack https://www.russell-clark.comRussell Clark on Twitter https://twitter.com/rampagingruss***Leave a 5-star review on Apple Podcasts! Like and subscribe to Hugh's channel on YouTubeFollow Hugh on TwitterFollow Hugh on Instagram***REMINDER: Want to be notified about limited edition hats before they go on sale? Rate, review and comment on Apple Podcasts and send a screenshot to info [at] upsonpartners [dot com] -- the first 100 commentators will get on the list!

Jason Bourne aka Matthew Pines joins the Acid Capitalist for a deep dive on tail risk. Let the war games begin. Don't forget to rate, review, comment, and share on Apple Podcasts...the hats are coming people!

The Acid Capitalist podcast | Psychedelic Therapy with Denise Shull

I hate Fridays.This week we had a bantam weight world title decider between the contrarian and the populist. The Acid Capitalist squares up against Dylan Grice. Dylan spent years as a macro advisor tussling with the world's best hedge fund minds. He's worth a listen although the passing years haven't been kind. Still he's coining it in

On todays episode of the podcast I was happy to host   Hugh Hendry Official - Founder of Eclectica Asset Management, an award winning hedge fund manager and host of the Acid Capitalist podcast.On the podcast we talked about who is Hugh Hendry, being a contrarian investor, the current relationship between the US and China and why it has created class warfare. I hope you enjoy!0:00 - Introduction1:57 - Who is Hugh Hendry?3:00 - Why do we have a specific view of hedge fund managers?7:30 - How does contrarian investing look?10:45 - Looking past pop psychology of marketplace12:30 - IPO's are a con13:55 - How did this impact your investment philosophy?16:15 - Open minded in investing18:55 - contrarian thinking in 200820:50 - How would you compare today to the past?23:50 - Relationhttps://www.instagram.com/hughhendryofficial/ship between US and China29:55 - Why asset prices have trended up?32:08 - Will this time be different with high inflation and high debt?34:19 - Inflation39:30 - How could treasuries recover from this point?40:50 - Class warfare48:35 - Commercial conflict vs real conflict50:40 - Concern about China?55:40 - Disengagement is an option59:11 - One message to takeaway from the podcast?Hugh Hendry is an award winning hedge fund manager, market commentator, thought leader, ST Barts Real Estate Investor & Surfer.Hugh Hendry was the founding partner and chief investment officer of the now defunct hedge fund firm, Eclectica Asset Management. The fund was created in 2003 and returned 50 per cent from the revival in the gold price. Hugh later attracted media attention when his fund achieved a 31.2 per cent positive return in 2008 during the depths of the financial crisis, earning him a reputation as a contrarian investors. He has been referred to as "the most high-profile Scot" in the hedge fund sector. Hugh Hendry - TwitterYouTubeWebsiteInstagramWTFinance -InstagramSpotifyiTunesTwitter

I am delighted to welcome the first guest from the Hedge Fund world onto money and plants, in the form of the wonderful, Mr Hugh Hendry. Hugh is best known for being the CEO and founder of his Hedge Fund Electica Asset Management, which at it's height had $1.3bn assets under management. Born into poverty in the working class streets of Glasgow, education and a desire to get out of the environment he grew up in, was the catalyst for a young Hugh, to go on and build a ew very successful life for himself. Now living in the carribean, in the beautiful island of St. Barts, following his exit from the cut and thrust of the money markets, Hugh is back, building a new brand, creating content and educating people on a daily basis as to what he thinks is happening in the world today. Hugh tells me that he vibrates, he is energy, he has healed and his passion for life and creativity is now back in abundance. In this conversation we chat about Hughs views on central banks, why he thinks the system is designed for people to fail, his frustrations with China, why he thinks we are in a Depression and much much more. A proper treat for you guys this one, and I'm looking forward to speaking to Hugh again soon. As ever let me know what you think and pls leave me a review and share the podcast. Until next month, take care all. CD ☘️

The Acid Capitalism show went live this week. The Alchemist's hair morphed into a flock of seagulls. The Acid Capitalist levitated above the week's noise. He's a plastic thief with no belief in what he steals. A shirtless Good Kid B.a.a.d City holds it together. The Capitalist raps, 'The American Queen, she be smoking Prozac, The Totalitarians, they be smoking Napalm.' Macro thoughts from a bunker on a ting rock on a sea of oblivion. The church is open for prayers#chinanews #economics #trading #tradingstrategy #apocalypse 

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Hugh Hendry host of the "Acid Capitalist" podcast. Hugh spent 15 years, from 2002 - 2017, as CIO of his macro hedge fund Eclectica Asset Management. Since closing the fund in 2017, Hugh now resides in Saint Barthélemy investing in luxury hotels, surfing & thinking about markets. Providing his outlook for markets throughout 2022, Hugh predicts smart money will soon wake up and price in the "mother of all economic recessions". Hugh goes on to explain how the U.S dollar system is broken in it's current state but to hear that, you'll have to tune in! -- Follow Hugh: https://twitter.com/hendry_hugh Follow Alfonso: https://twitter.com/MacroAlf Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Acid Capitalist: https://spoti.fi/3lMe9RI Subscribe To The Macro Compass: https://themacrocompass.substack.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Timestamps: (00:00) Introduction (00:47) Drawing Historical Parallels To Todays Market (04:16) Is There More Pain To Come In Markets? (06:51) Are We Facing A De-Leveraging (13:24) Money & Inflation (20:10) The Fed Does NOT Create Money  (26:23) Central Banks Are Trapped -- Disclaimer: Nothing discussed on Boiler Room should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

There will be blood. Let's discuss. The Acid Capitalist continues to fume about injustices. He has the Fed and the mercantilistes in his sights. First the global economy has failed to regain its previous trajectory of greater prosperity ever since the Great Financial Crisis of 2008. GDP is lost somewhere over the Atlantic, destination unknown. The economy has recovered for sure but its no way near the level that a rational investor at the turn of the century might reasonably have expected. The shortfall at the global level might be more than $20 trillion. It's absence froments social anger. There will be blood.

Bloody hell. So much for stable coins. Fight it out in the comments; does anything matter anymore if the crypto well has been poisoned by lies and malfeasance? The Acid Capitalist saw a debate on twitter about whether he was a misunderstood genius or a pretentious riddler. Neither, he's a fool in a foolish world.

The Alchemist explores the mysteries of hedge fund management further. This week's deep dive sees him wearing a suit! Can he cut it? The Acid Capitalist had a rough night but he's taken a magic pill to restore his superpowers and he eventually finds his mojo. This week we review central bank rate hikes. Surely, its the end, not the beginning? Private providers of credit have been raising rates since the summer of 2020. The US economy contracted last quarter. Official economic data is heavily revised in later years. Did the British economy relapse into recession last year? Just why are they insistent on more rate hikes? The Acid Capitalist is afraid, very afraid that equity markets might need to reverse all of their post covid glory.But rather than accentuate the negative, he wants to offer guidelines and solutions. He believes that they should plead a mea culpa, their primary responsibility rests with preserving asset prices. Only by revealing that they're essentially custodian officers charged with preserving the collateral that underpins the huge debt mountain will we move forward. Better yet, they should move to enfranchise those citizens that have no assets. They should create a sovereign wealth fund. QE has only prolonged the depression. Better to impose a withholding tax on mercantilist nations that choose to park their trade bounty in treasury markets. These countries forsake endogenous domestic growth in favour of chasing exports. They perceive this as a more robust economic plan. But the world of international trade is the business of robbing Peter to pay Paul.To enact their cunning strategy,  global savings must rise. In China, savings rise because their currency is set too low, preserving a comparative trade advantage that market capitalism would otherwise bid away. Without their state interventions their currency would rise to bring the world  into balance. Chinese households' incomes would reset higher and they might reasonably consume more. This does not happen. Instead savings rise; the share of consumption to gdp is remarkably low for such an advanced state.The same  applies elsewhere. With their comparative advantage, their lower relative manufacturing costs, secured by their "cheap" currency, they bleed jobs and income security from western households. You might lose your job but you still have non discretionary commitments to make; mostly these are energy and food related, credit cards must be tapped to prevent hunger and freezing. This dictates that western savings ratios decline, and more and more debt is necessary to restore equilibrium. The cycle amplifies itself in favour of the mercantilist.Whilst the Acid Capitalist's ire is presently directed at the central bankers, he recognises that the primary fault lies with the mercantilists. And so he proposes that western finance ministries  adopt a withholding tax. Think of it as an economic rent imposed on those who choose to game the economic system. Left unchecked, and it has been for way too long, we've created an extraordinary volatility machine that leaves today's risk markets in maximum jeopardy.That's why the withholding tax ticks all the right boxes; it is vital not to throw grit into the global trading system. Global trade, if conducted properly, enriches all of us; but left in this perilous state it resembles the longest suicide note ever written. Charge them 3%. They wont balk; they'll gladly pay it. Nothing is too expensive in order to preserve the longevity of the Chinese Communist Party. Collectively, other nations own around $10 trillion of US Treasuries. A tax would raise $300 billion a year and it could underwrite a sovereign wealth fund that effectively underwrote the downside risks in equities and other risk assets.  ...continued on twitter @hendry_hugh

In this week's episode, returning guest Hugh Hendry joins Dan for another round at the Stansberry Investor Hour table... Hugh founded the now-defunct Eclectica Asset Management in 2005. He rose to fame as the "Scottish hedge-fund king" when his fund returned 30%-plus during the throes of the financial crisis. He's also well-known for his outspoken remarks and contrarian views. One time, he even duked it out with a Nobel Prize-winning economist on television, asking, "Um, hello? Can I tell you about the real world?"  These days, Hugh entertains a wide audience with his wit and energetic market commentary in his podcast, The Acid Capitalist. Today's conversation begins with a bang, as Dan and Hugh tackle one of the biggest market headlines: the stock sell-off. Shares of "FAANG" giants like Netflix, Amazon, and Apple are tanking... And it's hard to see these behemoths – which were once among the best-performing tech companies in the world – as "risk free" businesses anymore. Instead, they could herald a recession. So, what does Hugh have to say on the matter? It's going to be really long, but it's going to be entertaining. Wear comfortable clothing.  He and Dan chat about several other topics, including inflation's grim march, Bill Hwang's multibillion-dollar fraud indictment, the "malevolent shadow of the Federal Reserve" behind high prices in oil and mining industries, and bitcoin as a risk-on versus risk-off asset. No one is safe from Hugh's wisecracks – not even the ultrawealthy. In addition to financial topics, he shares his thoughts on Elon Musk's latest follies, the real reason Bill Gates and Jeff Bezos vacationed in St. Barts, and what he thinks of Johnny Depp's biggest purchase

In this week's episode, returning guest Hugh Hendry joins Dan for another round at the Stansberry Investor Hour table... Hugh founded the now-defunct Eclectica Asset Management in 2005. He rose to fame as the "Scottish hedge-fund king" when his fund returned 30%-plus during the throes of the financial crisis. He's also well-known for his outspoken remarks and contrarian views. One time, he even duked it out with a Nobel Prize-winning economist on television, asking, "Um, hello? Can I tell you about the real world?"  These days, Hugh entertains a wide audience with his wit and energetic market commentary in his podcast, The Acid Capitalist. Today's conversation begins with a bang, as Dan and Hugh tackle one of the biggest market headlines: the stock sell-off. Shares of "FAANG" giants like Netflix, Amazon, and Apple are tanking... And it's hard to see these behemoths – which were once among the best-performing tech companies in the world – as "risk free" businesses anymore. Instead, they could herald a recession. So, what does Hugh have to say on the matter? It's going to be really long, but it's going to be entertaining. Wear comfortable clothing.  He and Dan chat about several other topics, including inflation's grim march, Bill Hwang's multibillion-dollar fraud indictment, the "malevolent shadow of the Federal Reserve" behind high prices in oil and mining industries, and bitcoin as a risk-on versus risk-off asset. No one is safe from Hugh's wisecracks – not even the ultrawealthy. In addition to financial topics, he shares his thoughts on Elon Musk's latest follies, the real reason Bill Gates and Jeff Bezos vacationed in St. Barts, and what he thinks of Johnny Depp's biggest purchase

The alchemist doesn't speak, he yells; he's a proclaimer seeking the truth. Hear ye, hear ye, he bellows, the apocalypse is coming. Fear, greed, loathing, they're all set to knock the financial world off its perch once again.The Acid Capitalist has seen it all before. A block of digital energy, he's vibrating wildly in his bunker and taking down all that antagonises him; poison pills, suave, beige, star hedge fund managers, Netflix, those that purport to save the planet by banning hydrocarbon extraction. This week he's uncut, unkempt, unruly, and channelling a higher frequency. This is financial improvisation at its most unexpected. Wannabe hedge fund stars stay tuned.

The Reverence Episode. The Alchemist @writes_sweeney finds himself exalting at the triple religious whammy of Easter, Passover and Ramadan. But it's Franz Kafka that holds sway. The messiah will come only when he is no longer necessary; he will come only on the day after his arrival. The  Acid Capitalist  proclaims that the mysticism demanded to see the future for risk assets demands that you listen to those pursuing deviant pathways. He offers up his wooly hat as evidence...reject the front pages, listen to the Church of Acid Capitalism.The editing this week has been excessive, "buts", "umms", " "halting silences", they've all been eliminated. The result being that the boys sound as though they've dropped some speed. Have no fear, wisdom awaits the patient. First on the block, the recurring message that society's fear for the planet has left the hydrocarbon complex under-valued, priced for imminent death and yet the impervious Saudi dollar peg sits unchallenged. Acid wisdom states that when the lego bricks don't fit, you have a  giant trading opportunity. Where have all the dollars gone? A common refrain at cyclical turning points. Stocks are down, government bond prices have been massacred, just where are those dollars? The Capitalist reveals the perils of turning points. That when dollar assets are destroyed, dollar liabilities remain forever, setting off a mighty stampede to deleverage. The Fed's greatest nightmare. In the 1920s the credit system was predicated on gold, by contrast it is dollar collateral that feeds today's eurodollar credit system. Gold scarcity, and the demands placed on society to cover gold deficits in the 1920s, caused the global economy to crash spectacularly in the 1930s. Could the same thing be playing out again with the dollar? Will the touch  point be a renminbi devaluation? Ruminations and distant rumblings are laid bare. The Alchemist has discovered Libya. Has he dropped some acid? The Capitalist adopts the Ringo Star note of diffidence when pressured to film the Let it Be album there. But in a world constantly changing, in a world where the giant Australian superannuation funds are suddenly pouring money into UK public sector assets, who is really the mad one.? "If I was responsible for $300 bn in pension assets, why not commit a cumulative $15bn over 30 years investing there? I would write it off each year (15 basis points) but in 50 to 100 years it might look very differently - the power of convexity"Libya has got proximity. The sustainable energy of the future will not be transported. It's just unimaginable. Better to tap wind and solar in the desert and its sparsely populated hinterlands and relocate  gas guzzling, carbon polluting industries from the northern territories. The boys are willing to conceive of alternative realities. But first, someone's got to provide a robust democracy that can cradle and protect the mammoth investments required. Will it happen?  Life changes, and 15 basis points a year, for the convexity of capturing change? The Acid Capitalist is in.Gluts of pessimism by economic agents can create scarcities in the future that in turn can feed an orgy of price explosions to the upside. The Acid Capitalist reveals all the skeletons in his cupboard.

This week, the Acid Capitalist is restored to his spiritual home, Blanc Bleu and boy is The Alchemist on form ! He's dug up some ancient manuscripts from 2007 from the legend, James Dines, the original gold bull. The foolish reject what they see, the wise reject what they think and accept what they see. Except, the Acid Cap is about to do the unpardonable and reject the wisdom that defined his hedge fund career.He's been looking at the Ruble. He refers to it dismissively as the Barney Rubble. The Barney has eliminated all of its losses since the shock of the unexpected military campaign against Ukraine.  Men in Suits are adamant that this marks a profound moment in economic history. That Vlad the Bad is Vlad the Economic genius.The decision to peg to gold, a modern day gold standard, has many in the financial community proclaiming this as the moment Russia defeated the proxy economic war. But more than that, they claim it as a great pivot in history. Where Russia goes, we will follow. Huh??The Acid Cap is having none of this. The screen price of the Barney is paint taping propaganda. It doesn't trade except by invitation. It's the preserve of the monetary authorities in Russia and those shameful nations that continue to dance with the Bear. Russian citizens certainly can't sell their Barneys, foreign nationals still holding Russian assets can't sell the rally and, heck, even Russian exporters must return their dollars to the kleptocracy.A gold standard is feasible in Russia because they've defranchised their citizens but elsewhere, democracies rejected the rigours of gold a century ago. The Wizard of Oz captures this poignantly. In the 19th century it was the elites that determined the outcome of elections. The lion depicts the mighty William Bryan Jennings, the populist presidential candidate who ran 2x and lost. The elites robbed him of his courage...Gold ain't neutral. It favours the creditor over the debtor, forces the pain on the We, the People. With no vote, the people back then had to take it on the chin. When Treasury Secretart, Mellon, said purge the system of its rottenness in 1929, he was set to crucify the populace on the cross of gold. Thankfully, saner heads prevailed and the system was de-weaponised within 3 years but not before adult unemployment had surged beyond 20% and the banking sector had been bankrupted. The Capitalist loves gold as an investment, as a store of wealth,  but he love's the people more...Zoltan, another monetary wizard, is discussed. He's one of the most influential financial seers. When he speaks, the whales of the market listen. He believes that the dollar's days are inevitably numbered, that the currency of China is set to supplant the global hedgemon of the $. The Capitalist is having none of it. But rather than bicker, he's established a magical line of clarity. Today, you need 6.3 yuan to buy a dollar. The yuan has been the strongest currency. If the yuan appreciates further, which is to say below 6, the Capitalist is ready to doth his cap to the mighty wizard and proclaim his own Muppetry. And finally, the fixed pegs of Hong Kong and Saudi are put under the spotlight. Nothing lasts forever and the days of Hong Kong's dollar peg seem fast running out. The capitalist describes how you can wager a billion dollar bet against the Honkers and your max loss would be $12m whereas your upside is unlimited. Future George Soros wannabes are lining up to take a shot. And just why should the Chinese authorities protect what they see as an anachorism from the past, a potent symbol of when China was poor ?The Saudi? We might need to wait longer. But, he proclaims, the price of energy falls over the course of history, you want to be a long term consumer, not producer, the Saudi peg violates this rule, it will do a Honkers one day, just not yet. And remember, Joy is our Energy... 

The unplugged episode. The Acid Capitalist appears down on his luck this week. Recovering from another bout of dengue fever and yet another evening of rock and roll indulgence, he laments that if only he had found more time to prepare, perhaps the show would have been more spontaneous?  Have no fear, the show is interrupted as the French police arrive to question the Acid Cap, the screen drops to an intermission and  he returns  only to knock out his mic. This is a wild ride. Watch the mayhem unfold.This week, the membership is asked to reflect on the meaning of mysticism, fantasy and the occult. The Achemist, is incredulous that investors might turn to corn as an alternative to dollar reserves to preserve their wealth. An exasperated Chris demands, " who would do such a crazy thing?" Crazy, retorts the Acid Cap? No more crazy than the faith based system that underpins today's fiat money. I believe... believe...I believe. Our financial world is a religious cult collateralised by blind promises; a score card of broken promises.Wealth denominated in paper money. China owns around $3 trillion greenbacks at last count, The attraction seems to rest on a promise to pay the bearer on demand. But scratch further and you uncover a web of deceit and broken promises. A promise not to confiscate your assets, to maintain a civil, enterprising society, a promise to uphold civil liberties, a promise that the state serve We the People, a promise of free movement of labour and capital, a promise not to engage in reckless military adventures overseas. He who casts the first sone? No system is faultless but the dominance and endurance of the dollar as the reserve currency of choice testifies perhaps to fewer broken promises... Coca-Cola jealously guards the secrets of its magic formula. Imagine, instead, if the most successful nation in history were to broadcast its secrets openly to friend or foe? Surely other nations would seek to copy the "sauce" as they sought to emulate if not over take the hedgemon? Despite the transparency, many large economies seem reluctant to steal such a march. Few leaders are willing to let go of their iron-grip control. The Acid Capitalist doubts any command based economy will surpass the USA in our lifetimes.

In these uncertain times who better to discuss the current – and future – state of the economy is the Acid Capitalist himself, Hugh Hendry. He's a former hedge fund manager with a proper understanding of how the world economy really works. He's famous for sticking it to politicians on news programmes and that's how he first got on my radar. Apart from the economy, we chat about clueless politicians, war and life on a small Caribbean island. Eccentric, contrarian and entertaining, he's not to be missed.https://www.youtube.com/c/HughHendryOfficialhttps://twitter.com/hendry_hughhttps://www.instagram.com/hughhendryofficial/Follow us on Instagram https://www.instagram.com/misterkindness_pod and Mis ter Kindness on Facebook https://www.facebook.com/njohn.kindness.9on  https://www.misterkindness.com

Macro Confessions Part XXXII, The Sweeney Alchemist (@writes_sweeney) is worried that the Acid Capitalist (@hendry_hugh), has been detained in Kyiv en route back to his Blessed isle. Recent images reveal a stark concrete bunker. Just where is he this week? He calls upon the aid and inspirational insight of the political economist @MkBlyt, The Tangerine Bishop of Dundee. It's an unforgettable, Scottish ménage-à-trois that will have you reaching for the closed caption service sooner rather than later.Men in finance have a tendency to talk to themselves, to be swallowed up in a grey, prohibitive universe to the exclusion of the rest of us. Not here...the bunker gets the spray can graffiti treatment, bass guitars are played loud and badly by the Acid Cap and with a swinging rhythm by The Bishop.What wanna hedgie can resist the exploration of money by those in the know. The contracts governing the external economic relationships of sovereign nations are revealed for all to see. Myths are exploded. Gold, Bretton Woods and the Eurodollar system are assessed and judged. The boys can see a fourth turning point emerging in this mysterious chess game between continents. But what will replace our dying monetary order? The question is pursued with vigour.Take red pills, get angry, get even...a market based system that seemed set to reset asset values to zero was effectively rescued by a put option, previous generations called it a cross of gold. A system of winners and losers. Where asset values have to be maintained to support the debt, a support system paid for by the serfdom of the working classes.Either divide our monolithic world into smaller pieces that aren't too big to fail or award asset values to the debtors, to those unlucky enough to be unable to afford assets. Rather than have the Fed accumulate $7 ton of useless laundromat tokens via QE, lets distribute economic tokens to the 99%. Thatcher did it with the public assets. All privatised. The public housing stock, returned to the home seekers. Awarding assets to the majority sparked the moribund economies of the 1970s back into life, could it work again?? The Bishop has a proposal...

Hugh Hendry, The Acid Capitalist, Macro-Advisor, and Founder of Eclectica Asset Management, joins us for a creative and critical, hot-take filled conversation.=========================================HIGHLIGHTS=========================================- Blunderer Putin's absurd personal ego-fueled tragic war on Ukraine- Europe caught on the backfoot- Inflation, what it is and is this it, yet?- Natural gas, Pipelines- Gold- the unbalanced symbiosis that is U.S.-China trade, currency and policy malaise- the realities facing the bond market - bifurcation and dislocation in markets- the crisis and opportunity in equity market 'glitches'- the Carbon Credit system, how it works, how it can work, and it's inevitable future value, - the meaning and significance of 'The Metaverse' and NFTs and why and who it matters to.=========================================Where to find Hugh Hendry:=========================================Hugh Hendry Official on Youtube [Download] Hugh Hendry's 'Dawn of Chaos' ReportHughHendry.comHugh Hendry on InstagramHugh Hendry on TwitterHugh Hendry on LinkedinBlancBleu Saint BartsBlancBleu Saint Barts - Press=========================================Where to find the Raise Your Average crew:=========================================ReSolve Asset Management ReSolve Asset Management Blog Mike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com========================================="You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Macro Confessions Part XXXI,  a very tired Acid Capitalist, having flown half-way across the globe, joins the The Sweeney Alchemist (@writes_sweeney), in London Town to review the week when risk markets rallied.But first Chris is intrigued by the re-emergence of Adam Newman and his crypto plan to save the planet. We Work for the Planet but really? The idea is rubbished by a sceptical Acid Capitalist as way too many blue pills and not enough red. And the boys start quoting Madonna, "How High can we go". This graced the cover of the Eclectica April 2007 investor letter just 4 months before depositors at the failing bank, Northern Trust, formed orderly British queues to withdraw their savings as the financial world tilted into a devastating crisis.Chris pursues his journalist's curiosity. How are Hedge Funds trading the war? Are they redeeming wealthy Russian clients? Why bid for soccer clubs? And just how many computer screens does a manager need to take on holiday? Twitter is celebrated. Hugh reveals he spends more time scrutinising the platform than traditional newspaper outlets. Did you know that the Russian foreign minister's flight to China was aborted mid way into its journey?But the big news is China. Has China pivoted from its allegiance with Vlad the Mad? Is it the allure of the $85 trillion global economy versus exclusive rights to Russia's imploding $1.7 trillion?  Or was it stark signs of the dreaded economic dominoes starting to crash and set off a chain reaction that could humble the mighty Chinese economy? Is this the real explanation behind the 25% reversal in the oil price?War propaganda, objectivity, dark political arts...just how high can we go? In the week that Bono's peace poem was ridiculed by many, the Acid Capitalists concludes, "Like a thief in the night, see the world by candlelight". No wanna be hedge fund student wants to miss this provocative take on the week's events.

Macro Confessions Part XXX,  the Acid Capitalist is joined by his trusted lieutenant, @ToStRo and together with The Sweeney Alchemist, they brew a heady mix of Putin Put Downs and attempt re-set the global macro chessboard. Chris busies himself with a meaty cheese burger..Convexity has jumped from our computer screens to the theatre of war. The asymmetry of urban war was well understood by all those not intoxicated by the greed and fear of fascist states. Urban assaults favour the defenders, but like a Bloomberg scenario analysis, convexity has leapt from the city to the surrounding fields and outer limits of the metropole. Anti-tank and anti-aircraft technology supplied liberally to the democracy of the Ukrainian statehood is making this war more asymmetric than any one could ever have hoped for. Putin hasn't lost his marbles. Rather his gangster political system has left him bereft of proper intelligence. State corruption has fostered an almighty state failure in intelligence. It's as though the former KGB has been transformed into mammoth PR agency intent on amplifying the wishes of its only client.Ok, enough war-war. Bretton Woods died in the 1960s. Those that seek to right off the hegemony of the dollar collateral system owing to the escalation in the world's first truly global war are mistaken. Is the world shifting, tilting on its axis? You bet! But not as the apologists and doomsayers would have you imagine. The axis has always been defined by the supposed might of the current  account surplus nations versus the receding power of those nations succumbing to current account deficits. Think again...Channel all your paradoxical thinking. It's been a Wizard of Oz illusion all along. To quote the mighty Wizard, My people have been wearing green glasses so long that most believe this really is the Emerald City. The Acid Capitalist spells it out. Having assets that people crave, that they must own, gives you power. If you can't create enough assets in your own currency that outsiders really want then you never had wealth in the first place. This chimera of wealth is simply the confiscation of other nation's benevolence. The world is changing, hallelujah! The mighty Sampson like China. What should it do? It should revalue its currency higher to the dollar. It should promote economic policies that promote trade deficits. It should abolish capital controls. It should celebrate individual liberty and a rules based, transparent legal system. Never gonna happen. The elite leaders of mercantilist nations surround themselves with the same corruption and fear that is responsible for the debacle in the balkans. Bitcoin? The problem is almost the same. It's one of distribution. The price needs to crash to liberate the distribution and promulgation of the digital system. Presently, The Bitcoin represents another form of wealth confiscation. BTC and the CCP billionaires, hmm? All of the early adopters hold all of the system-wide wealth. To buy today you have to pay a deadweight rent that requires cash money. Is the Russian state going to buy with rubbles?The acid Cap portfolio. I'm long as much gold as volatility constraints would permit, maybe its 25pc of the fund. I'm long the corrections. EU Carbon Permits, the price is a steal. Facebook, Paypal, Shoprite, Snap, I'm making this up (!) but 60% drawdowns in serious businesses are magnetic like. I'm long agricumtural equities. This is really simple. It's just fertiliser - Russia exports all 3 nutrients. No need to be too clever - Nutrien, Mosaic, CF, OCI, K+S. There's aren't formal sanctions on Russian/Belarusian potash - it's 30% of global supply combined - but Yara did just say they stopped buying, hmm, I'm a buyer. You set up to buy Jordan?? Arab potash  looks great.So far, so short vol so I would bet against the Arab oil princes. A line is being drawn in the sand.

Macro Confessions Part XXIX,  the Acid Capitalist is mad as hell. Bewildered and traumatised by the human catastrophe in Ukraine, he's left exasperated by sinister political forces seeking to stymie the advance of the European carbon trading platform to advance their own selfish causes. Carbon permit prices have fallen sharply.He mans his pulpit. An uncommon occurrence. Rarely can one say that you can do-good and make money. The Exchange Trading Scheme has pursued truth via the price discovery system. Competing exchanges in America limit speculation, limit truth seeking activities. The result? The precious resource of the depleted ozone layer trades for just a third of the European scheme. Truth is always the victim.But Europe's political class teeter on the brink. States fail when they neglect to replenish their energy supply. Having allowed the region's mighty energy reserves to dwindle to less than five years' worth, the Acid Cap fears the euro will spiral lower. Fight them on the beaches, fight them in the markets...but look after your pennies.Energy? It's still all about energy. Why is OPEC not pumping more oil demands the Chief Disciple, Chris? Because we shouldn't equate oil reserves with brains, snaps Hugh. Warming to his subject, he proclaims that the Dawn of Chaos will wipe out all dollar pegs, even that of the mighty oil sultan. You see, high oil prices are DEATH to price cartels. He elaborates on his thesis.Everyone is asleep. Time to take the red pills, time to wake up and seize the trading opportunities. Every wannabe hedge should take note. There's work to be done. Hugh declares himself an intellectual psychopath, whatever could he mean? But he's not tempted to buy Alibaba, the once mighty Chinese retail platform. For whom the gods would destroy they first make mad. He's not buying.No he's starting a hedge fund cult. He's reeling from Cotard Syndrome. An uncommon malady were the victims believe they've died and gone to hell. It seems an apt metaphor for the last week witnessing the Russian advance on Kiev. Contentious narratives that might form the accepted belief system of the future. Carbon offsets are the blue pills of the dozing masses. Cap and Trade is a red pill means to evade The Matrix and protect the planet's future. The Acid Master concludes by speculating that the permits may trade for less than €50, but he can logically assert a value approaching €300. Cults were formed on less...Take the reds, reject the blues...

Hugh Hendry, a.k.a. The Acid Capitalist, and Founder of the award winning hedge fund management firm, Eclectica Asset Management, joins Pierre Daillie and Joseph Lamanna for over 90 minutes, in a hot-take filled and hilarious-at-times conversation deep in critical and paradoxical thinking about the past and current geo-politics of Russia and China, the QE and disinflation-fueled equity and bond bull markets, the dynamics of oil and natural gas in the context of both pre-inflation concerns and the ultimate exogenous energy threat to Europe, his unique perspective on the impact and opportunity presented by the carbon permit/credit market, as well as his take on the now flaring Russia/Ukraine conflict we are witnessing.Our conversation is an exploratory journey around the geo-political world. Hendry identifies the chasms that are opening up the fault lines between Russia and the Western World, China and the U.S., the shift from Quantitative Easing to Quantitative Tightening, and what that all means.Where to find and reach out to Hugh Hendry:Hugh Hendry Official on Youtube[Download] Hugh Hendry's 'Dawn of Chaos' ReportHughHendry.comHugh Hendry on InstagramHugh Hendry on TwitterHugh Hendry on LinkedinBlancBleu Saint BartsBlancBleu Saint Barts - PressCopyright © AdvisorAnalyst.com

Macro Confessions Part XXVIII, projecting forward from the macro year 2007. Chris finds a Hank Moody like Acid Capitalist holed up in his friends' beautiful villa in St Barts. staring wistfully at the surf. The unthinkable has happened, Russian tanks have broken ranks and are moving in on Kiev.Risk becomes philosophical. The Dice Man declares that if you can't think then you have no soul, for a soul is something subject to reflection. Little thinking seems apparent in this modern outbreak of war within the central theatre of Europe and so emotions will determine the landscape of European markets. The boys begin with a push back on the comments from Shell's trading desk. They claim that speculators are pushing energy prices up to levels that will impact harmfully on ordinary citizens. Pas de tout claims Hugh. It is the long awaited entrance of price discovery that reveals the lamentable record of Europe's leaders. No foresight, no courage has bequeathed a  generation with an acute shortage of local energy sources and no infra-structure to link with democratic suppliers. Fight them on the beaches, fight them in the markets...Gas? It's still all about gas. The High Priest presents a detailed look behind the futures market for energy and the perils of trading commodity futures. He concludes that the blip in energy prices is most unlikely to prove transitory but will be levitated for much longer to encourage better political energy sourcing and to accelerate much needed energy infra structure.When will the macro reset end? Hugh estimates that one has to keep an eye on mean reversion in the zeitgeist stocks of Apple and Meta. Are times changing? It does look like a return to a time of chaos. The 1970s had an energy crisis, the Russians ignored sovereign niceties and invaded another country and gold? Gold went to the moon. It bares close attention.Tune in or miss out.

Macro Confessions Part XXVII, projecting forward from the macro year 2006. Chris finds a dishevelled Acid Capitalist holed up in his cement bunker in St Barts. The initial salvos find the boys reminiscing about the Fight Club, The UNIBomber, Nirvana and bereaving the passing of Agent 007 as one of their own.Hugh picks up the pace, sharing how he bought the chip company AMD and shorted its larger, more successful competitor, Intel simply because he thought the pattern reminiscent of the gold price's resurgence.  Oh Gosh, Oh Gosh I'm Juliette Binoche whispers a wistful Hugh as he confesses to inherent flaws in his trade, but the Dice Man vows never to stop throwing.The child like wonders of curiosity, Hugh was always asking why the sky was blue? However, he's still furious about environmentalists seeking to prevent all new permitting and exploration for hydrocarbons. Such anarchy is driving energy prices higher. Europe's profound lack of resources is seeing governments subsidizing household energy bills. Could this be the fabled "helicopter money"? Will persistently higher and higher oil prices create permanent and rising  cash subsidies. Is this how inflation finally emerges?A liberty Gas Pipeline from the US to Europe? The boys ask, would this not be a more elegant solution to confronting Russia's bear hug on the European energy market; better than NATO raising defence spending by $100 bn ? The Acid Shamen levitates with excitement at the notion of what a Europe with a cheap source of energy could achieve for the world.Gas? Chris couldn't let the opportunity pass without asking about the 2006 hedge fund disaster, Amaranth's $6bn implosion, one of the largest ever. Hugh confesses that he too was long nat gas, just not that long!! Why? Because the price of oil had exceeded $40 per barrel for the first time in 25 years. Hugh explains the perils or opportunities from trading commodity futures curves, beware contangos at the short end. Gas prices rise from $1 to $6 per btu and yet you lose 80% trading futures. The boys explain why.And finally, the Acid Capitalist reveals his new macro trade.Tune in or lose out. 

Macro Confessions Part XXVI (somewhere in the future) This week the camera never lies. Hugh is trotting out responses under cross-examination from Chris. Bridgewater, Ray Dallio, Is he the greatest hedge fund manager ever? He's certainly made more money than anyone else...And then, Hugh goes freestyle. You can literally see the moment when the Acid Capitalist forms a new idea in his head. You can share that light bulb moment. Be in the room as Hugh brings down absurdity to try save the planet.No new Hedge Fund wannabee can afford to miss this journey from the past to the present. Our resident Time Lord reveals his trippy macro insights and explains why his own endorsement of EU carbon trading permits from last year may now be bearing fruit.This week, Hugh aims his sights against Extinction Rebellion. Just what purpose does it serve? It feels more like fin de siècle, Dadaism than a logical plan to reduce carbon emissions. He snorts, it's more like the great generational swindle. Kids seeking to make a difference should spend their money buying closed end mutual funds designed to permanently reduce the number of available pollution permits. Stick it to the guy, we should buy the permits before the polluters. It's totally absurd...They wince as they consider the zero tolerance for new oil field exploration. 6.5 billion people on the planet consume 3 barrels of oil per person per year. We consume 13. Are they to live in poverty, denied our lifestyle? Or will oil demand double before 2050? What to do, pleads Chris? Corner the market for permits, drive the pollution cost higher demands Hugh. And get smarter, use renewable energy to fuel oil and gas exploration. Don't ban oil, that's suicide, find lower carbon oil instead. Only by being smart can we avoid oblivion.And NFTs, vouchers, permits. nothing is considered out of bounds. Hugh proposes a radical idea to enfranchise all of us. Distribute pollution NFTs to every household for free. Then start issuing fewer and fewer of them and demand that households pay for their own carbon footprint with such vouchers. Those that pollute less will own more vouchers and accrue a very valuable asset. Use crypto technology to spread ownership of the planet's problem, to create the love-cult 2050 with smart people solving the world's greatest problem.In probably the most important of the series, Hugh and Chris ask that you share this discussion with friends and family to see if we can all start a revolution. To see if you and me can make the world a smarter and better place...Who dare refuse?​

Macro Confessions Part XXV (APRIL,2012) This week Hugh felt a movement in the time-expanse of the financial universe. In a land far, far away, an elderly, wise man of his acquaintance, his Master and Macro overlord bore testimony to a prophecy of bad tidings.Despite their evident excitement, the boys compose themselves and set about deciphering the godfather of macro, George Soros, and his latest missives delivered in a face-off challenge to China's President Xi. No new Hedge Fund wannabee can afford to miss this journey from the past to the present day where the Time Lord reveals his trippy macro insights and explains why his own apocalyptic warnings from 12 years ago may now be bearing fruit.This week, in the high stakes game of international trade, they ask, is China the nation that reneged? Does history repeat? Has the Chinese property market mimicked the unstable rise of the DJI in the 1920s? Will there be blood? They wince as they consider the ramifications and ponder how best to start a mania.Regrets for being 10 years early? Perhaps, admits a frank Hugh, if only he had used the Chinese zodiac. Can the world save China, asks Chris? Hugh compares it to the gripping finale of The Squid Game. The curious tale of the Brazilian Icarus, Eike Batista, is revealed as well as the Soros Open Society. Just why do America's right revere Vlad the Blunderer? And will the rubble's gold backing protect the expansive Putin's flank? Not bloody likely! Snorts a dismissive Acid Capitalist.In probably the best of the series, Hugh takes us from the Gold Standard to Bretton Woods and now the last days of the EuroDollar Standard. A China reset will likely usher in the end of the dollar hegemony, how will nations reconfigure after the great crash?Chris continues to spin his wheel...Can you dare miss this special issue..?

Macro Confessions Part XX IV (2006) This week risk is resetting. Things changing. There will be opportunities. There will be blood. Let it be the other guy. Let's get absurd. The boys review the slaughter of the innocents, namely the abject poor performance of some of last year's most hyped new companies to emerge on the stock market.The conversation is fast paced. Chris has led Hugh to the Valley of Happiness but he wants to know more about what's causing the melt down in high profile stock names Peloton, Deliver and Oatly. No new Hedge Fund wannabee can afford to miss this journey from the past to the present day where Hugh reveals his latest macro insights and explains his Quantity Theory of Insanity. The Alchemy of Finance, it is not...This week they consider The Secret Policeman's Macro Ball, an annual illuminati gathering of the great minds in macro hedge fund management. The event you are assured not to receive an invitation to. Just why do the greatest minds share their best-ideas with their competition?Regrets, Hugh has a few and he travels back to December 2008 to confront his younger self. You see back in early 2006 he predicted a deflationary event that would send Treasury bond prices surging and the gold price crashing. But when his prophesy came true, he failed to load up on gold. Hugh is raging mad with his younger self.And with markets in turmoil, the chart rotator returns to examine the Dow Jones constituent 30 stocks to determine where prices are versus their slower, longer-dated moving averages. Hugh invokes his Acid Capitalist powers to draw predictions and stock ideas for the coming year. Chris continues to spin his wheel...Tune-in or be square...Charts can be found here https://www.youtube.com/channel/UCs4X8HJf2dQog8-CCaDBlsg

Hedge fund manager, Hugh Hendry, again invites his former colleague, Tom Roderick, who manages macro at Trium in London, to review the revelatory and impending bust of China's legendary Evergrande Property. Macro hasn't been seen in Chinese waters for almost a decade. A strong currency with a positive carry and a stock market seemingly impervious to shocking state interventions has ensured a lack of willing naysayers. The Acid Capitalist, Hugh, and Tom, explains how China's property companies were the safest stocks in the global sector owing to their ability to transfer risk quickly. That the least risky companies are now in jeopardy does not bode well especially as Chinese property, relative to household wealth, is 4x greater than in the US. The boys consider a bull market in fear where sovereign Chinese bonds will supplant property as the de facto collateral position. They can conceive of a steeply inverted yield in a land more accustomed to wearing flats and they ask whether flaunting opulence and the mania for luxury may not sit well with the modern creed of common prosperity. Buckle up! This is macro conjecture for grown-ups.Chapters:00:00 Shared Confessions China's Geometric Risk Taking02:45 Why Macro didn't Short the Red Lines05:15 Why the $ is red Cabbage in Beijing10:55 China Property Market was Risk Free15:35 Fechner and the Geometry of Chinese GDP Growth17:25 Why Now ? And the Grapes of Wrath21:30 FX chart, Mad Max Leverage Internal or External ?26:45 Everything is Macro32:40 Is there a China Macro Trade with no Tears for Fears?37:35 China the Land Of Flat Yield Curves40.45 Stay At the Money with Your Strikes42:00 Apathy is the Catalyst for Perplexing & Engaging Trades46:15 Common Prosperity Questions Luxury Valuations

Hedge fund manager, Hugh Hendry, invites former investment partner, Tom Roderick, to dive under the hood and examine how one becomes a hedge fund manager. They revisit the summer of 2005, the S&P has been marooned for 2 years moving sideways as the economy and corporate profitability improve. What would an aspiring young manager do?Hedge fund pirate Hugh Hendry chronicles the inner workings of the uncorrelated and legendary Eclectica Fund. Hugh's discussions with other though leaders are deployed as a hedge fund boot camp to reveal what he's thinking and why in real time. No new Hedge Fund wannabe can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. This week we find a rather pallid Hugh cursing his demons from the night before and his newfound love of Pickle-Ball and tequila. Tom quizzes him on why he was 75% net long and not 35% or 120% long? And how did he size risk positions? How did he seek to optimize his portfolio in a world before the rule books had been written. Was this risk taking on the hoof, a form of dopamine bingo, with creativity the deciding risk factor? Hugh and Tom reveal all.Chapters:00:00 Shared Confessions Acid Capitalist05:10 Optimal Risk Sizing10:30 Soros / Druckenmiller Lite Risk Model14:00 Losing My Curiosity15:15 The macro narrative of 200518:00 The Status Quo Changing21:00 Dopamine Bingo - Creativity at Risk (CaR)22:30 Eclectica Fund Attribution28:00 Longs 2x Shorts but shorts bigger than longs..? 30:00 2005 the year institutions crashed the Commodity scene35:00 Not a Bull Mkt till you've had Violent, Painful Corrections